FHA Home Loans are designed to have more flexible underwriting standards than conventional home loans, therefore opening the door to home ownership for many. For that reason, FHA is an excellent choice for first time home buyers or those who cannot qualify for a conventional home loan.As a Wholly Owned Subsidiary of Health One Credit Union, we have access to dozens of lenders which enables us to help you find the lowest possible FHA Home Loan rate and payment. We do the shopping for you!
Denver FHA Home Loans are more flexible because of a number of underwriting considerations that make qualifying easier. For one, home buyers only need 3.5% down payment, slightly less than the conventional minimum of 5%. Also, sellers can help FHA buyers with closing costs up to 6% of the loan amount. Conventional is capped at 3%.
FHA also allows for non-occupying co-signers (co-signers who will not live in the home) as long as they are blood relatives of the buyer, or will allow blood relatives to give the buyer a gift. Although a gift is allowed with conventional loans, FHA Home Loan requirements are less stringent.
Minimum credit score requirements are 620 with most lenders, and we have access to several who will go lower. As with any loan program, with a higher credit score, you can obtain a lower rate with FHA Home Loans.
There are many other specific programs that FHA Home Loans offer, including FHA Streamline Refinance Home Loans, FHA Kiddie Condo Home Loans, and FHA Energy Efficient Mortgages.
No matter what your situation, our goal is to provide honest and professional advice to help you meet your long and short term financial goals as well as your FHA Home Loan payment objectives and find you the lowest possible rate.
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